An Incisive, In-depth Analysis on the Pharmacy Automation System Market

This study offers a comprehensive, 360 degree analysis on the Pharmacy Automation System market, bringing to fore insights that can help stakeholders identify the opportunities as well as challenges. It tracks the global Pharmacy Automation System market across key regions, and offers in-depth commentary and accurate quantitative insights. The study also includes incisive competitive landscape analysis, and provides key recommendations to market players on winning imperatives and successful strategies.

Pharmacy automation systems are the systems used for inpatient patient and outpatient pharmacies to automate the routine task of a pharmacist thus these systems automates the entire mechanical processes of handling and distributing medications. However these systems also helps in measuring and compounding medications, tracking and updating patient information in databases, and inventory management.

Pharmacy automation systems considered in the report fall under six major categories – automated dispensing cabinets (medical dispenser), packaging and labelling systems, IV pharmacy (automated drug compounding), robotic dispensing systems, carousal storage systems and tablet splitters. Medication dispensing cabinet is a drug storage device generally used in hospitals and outpatient pharmacies i.e. generally used in decentralised pharmacies. In decentralised pharmacy settings the medications are dispensed near the point of care while tracking drug distribution thus automated dispensing cabinets or medication dispensing cabinets, tablet splitters and IV pharmacy systems has been implemented in these settings. Whereas in centralised pharmacies, packaging and labelling systems, robotic dispensing systems and carousal storage systems are preferred for drug tracking and inventory management. The global pharmacy automation systems market has been estimated to be valued at US$ 3175.2 Mn in 2015 and is expected to expand at 6.7% CAGR over the forecast period 2016–2026.

Rising adoption and growing demand for automated solutions in pharmacies drive the growth of the global pharmacy automation systems market

Growth of the global pharmacy automation systems market is mainly driven by rising adoption and growing demand for automated solutions in pharmacies coupled with socio-economic factors such as increasing disease incidences due to growing ageing population. There is an increasing inclination of pharmacists for automation systems as it automates time-consuming and routine tasks such as medication compounding, tablet packing, dispensing, storage and retrieval, etc. Also, these automation solutions streamline pharmacy workflow and also reduce risk of errors, which enables physicians to focus on direct ciritical care patient monitoring activities. Other prominent growth drivers are product innovations and increasing rates of hospitalisations. Through pharmacy automation systems, hospitals can manage and track drugs, supplies and health information related to patients, thus replenishing only the items that are needed. This increasing demand for effective and transparent tracking systems is expected to drive the revenue for pharmacy automation systems as it accurately record medication expiry dates and physical quantities. However, cost of implementation and installation of pharmacy automation systems is a major factor restraining growth of the market over the forecast period.

Based on application of pharmacy automation systems, the market has been segmented into drug dispensing and packaging, drug storage and inventory management. In terms of revenue share, drug dispensing and packaging dominated the global pharmacy automation systems market in 2015 and is expected to do so throughout the forecast period. Whereas inventory management application segment is anticipated to expand with the fastest CAGR over the forecast period.

Western Europe is expected to exhibit a healthy CAGR due to increasing inclination of pharmacists to opt for automated technologies

The global pharmacy automation systems market has been segmented into seven major regions: North America, Latin America, Eastern Europe, Western Europe, Asia Pacific Excluding Japan (APEJ), Japan and Middle East & Africa (MEA). In terms of value, North America has been estimated to dominate the global pharmacy automation systems market in 2016 and is expected to expand at a CAGR of 6.6% over the forecast period. APEJ and Japan are estimated to be the fastest growing markets in terms of revenue, while Western Europe is expected to exhibit a healthy CAGR due to increasing inclination of pharmacists in the region to opt for automated technologies in their pharmacies to provide quality care to the patients. In terms of value, Western Europe is expected to register a CAGR of 7.2% over the forecast period.

The global pharmacy automation systems market is consolidated with key players occupying a large market share

The pharmacy automation systems market is largely consolidated, with top few players accounting for the major share in 2015. Recently there have been several acquisitions leading to consolidation of the market. Established players are focussing on strategic moves such as product launch, increasing their distribution channel for automation solutions, and getting into partnerships and agreements to increase the brand awareness of their product.

This report by Future Market Insights (FMI) examines the global pharmacy automation systems market for the period 2016–2026. The primary objective of the report is to offer updates and information related to market opportunities in the global pharmacy automation systems market. The global pharmacy automation systems market report begins by defining pharmacy automation systems and various types of systems used for automating the entire process in pharmacies. It is followed by an overview of market dynamics of the global pharmacy automation systems market, which includes FMI analysis of key trends, drivers, restraints and opportunities along with factors important for vendor selection criteria that is influencing the growth of the pharmacy automation systems market.

Impact analysis of key growth drivers and restraints based on a weighted average model have been included in the global pharmacy automation systems market report after detailed analysis of individual regions to better equip readers with meaningful insights on ongoing technological developments in the global pharmacy automation systems market.

Global pharmacy automation system market segmentation

To understand and assess opportunities in the global pharmacy automation systems market, we have categorised the report into four sections based on market segmentation as under.

By Product

By Application

By End-user

By Region

Medication Dispensing Cabinets

Packaging and Labelling System

IV Pharmacy

Robotic Dispensing System

Carousel Storage Systems

Tablet Splitters

Drug Dispensing and Packaging

Drug Storage

Inventory Management

Hospital Pharmacies

Clinic Pharmacies

Retail Pharmacies

Mail Order Pharmacies

Pharmaceutical SMEs

North America

Latin America

Western Europe

Eastern Europe

Asia Pacific Ex Japan (APEJ)

Japan

Middle East and Africa

The next section of the report highlights the global pharmacy automation systems market by region and provides market outlook for 2016–2026. The report also discusses key regional trends contributing to the revenue growth of the pharmacy automation systems worldwide, as well as analyses the impact of drivers and restraints in each region.

In the final section of the report on the global pharmacy automation systems market, a competitive landscape is included to provide report audiences with a dashboard view, based on categories of systems available in the pharmacy automation systems market space and key differentiators. Key categories of providers covered in the report are companies manufacturing and developing pharmacy automation systems. This section is primarily designed to provide clients with an objective and detailed comparative assessment of key companies in the pharmacy automation systems market. Report audiences can gain segment-specific company insights to identify and evaluate key competitors based on in-depth assessment of capabilities and successes in pharmacy automation systems marketplace.

Our Research Methodology

To ascertain the global pharmacy automation systems market size, we have considered revenue generated by companies operating in the global pharmacy automation system market. The forecast presented here assesses the total revenue by value across the global pharmacy automation systems market. In order to offer an accurate forecast, we started by sizing up the current market, which forms the basis of how the pharmacy automation systems market is expected to develop in the future. Given the characteristics of the market, we triangulated the outcome of three different types of analysis based on supply side, downstream industry demand, and the economic envelope.

In addition, it is imperative to note that in an ever-fluctuating global economy, we not only conduct forecasts in terms of CAGR, but also analyse it based on key parameters such as year-on-year (Y-o-Y) growth rates to understand the predictability of the market, and to identify the right opportunities across the global pharmacy automation systems market.

The global pharmacy automation systems market segments – by product, application, end users and region are analysed in terms of Basis Point Share (BPS) to understand individual segments’ relative contribution to market growth. This detailed level of information is important for identifying various key trends in the pharmacy automation systems market.

Another key feature of this report is the analysis of key segments in terms of absolute dollar opportunity. This is overlooked while forecasting the market. However, absolute dollar opportunity is critical for assessing the level of opportunity that a provider can look to achieve, as well as to identify potential resources from a sales and delivery perspective, in the global pharmacy automation systems market.

We have observed some interesting trends while conducting our research for this report. For instance, retail pharmacies are highly likely to install medication detection machines as these machines check each pouch using high speed cameras, ensuring that only the concerned pills are taken by the patient. The other trend we have noticed is that more number of hospitals and retail pharmacies are installing automated dispensing machines mainly because of the low inventory costs, reduced labour costs, reduction of stock-outs and increased patient safety facilitated through barcode verification. Acquisition and product modification is another notable trend responsible for robust development in the global pharmacy automation systems market.